SmartRent, Inc. (NYSE:SMRT) Short Interest Down 40.1% in May

SmartRent, Inc. (NYSE:SMRT) was the target of a large decline in short interest in the month of May. As of May 15th, there was short interest totaling 1,899,404 shares, a decline of 40.1% from the April 30th total of 3,172,780 shares. Based on an average daily volume of 1,561,522 shares, the days-to-cover ratio is presently 1.2 days. Approximately 1.0% of the company’s stock are sold short.

SmartRent Stock Down 1.0%

Shares of SmartRent stock opened at $1.25 on Tuesday. SmartRent has a 12-month low of $0.81 and a 12-month high of $2.20. The stock has a market cap of $240.47 million, a P/E ratio of -9.59 and a beta of 1.53. The business’s 50 day moving average is $1.36 and its 200-day moving average is $1.62.

SmartRent (NYSE:SMRT) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.02). SmartRent had a negative return on equity of 10.61% and a negative net margin of 16.58%.The company had revenue of $36.63 million for the quarter, compared to analysts’ expectations of $36.82 million. On average, sell-side analysts expect that SmartRent will post -0.1 EPS for the current year.

Insider Activity at SmartRent

In other SmartRent news, CEO Frank Martell acquired 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average cost of $1.18 per share, for a total transaction of $118,000.00. Following the transaction, the chief executive officer owned 3,165,266 shares of the company’s stock, valued at $3,735,013.88. This trade represents a 3.26% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas N. Bohjalian purchased 150,000 shares of SmartRent stock in a transaction on Thursday, March 12th. The shares were purchased at an average cost of $1.74 per share, with a total value of $261,000.00. Following the transaction, the director owned 500,000 shares in the company, valued at approximately $870,000. The trade was a 42.86% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 310,000 shares of company stock valued at $447,500 over the last quarter. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On SmartRent

Several hedge funds have recently added to or reduced their stakes in SMRT. CTC Alternative Strategies Ltd. acquired a new stake in SmartRent during the 1st quarter valued at $26,000. Kanen Wealth Management LLC bought a new position in SmartRent during the 3rd quarter worth $26,000. Neuberger Berman Group LLC bought a new position in SmartRent during the 4th quarter worth $30,000. SummitTX Capital L.P. bought a new position in SmartRent during the 1st quarter worth $34,000. Finally, Dean Jacobson Financial Services LLC bought a new position in SmartRent during the 4th quarter worth $35,000. Institutional investors and hedge funds own 59.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SMRT. Weiss Ratings downgraded shares of SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, May 26th. Keefe, Bruyette & Woods decreased their target price on shares of SmartRent from $2.00 to $1.40 and set a “market perform” rating for the company in a research report on Monday, May 18th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $1.40.

SmartRent Company Profile

SmartRent Inc is a technology company that develops smart home and smart building automation solutions for the residential rental housing industry. Its integrated hardware and software platform enables property managers and owners to remotely monitor, manage and control access, energy use and overall resident experience. The company’s product portfolio includes smart locks, thermostats, leak and flood sensors, door and window sensors, security cameras, and a centralized management dashboard that interfaces with leading property management systems.

SmartRent’s platform is designed to streamline operations for multifamily communities and single-family rental portfolios by automating routine tasks such as digital resident self-showings, remote lease turnovers, package management and preventative maintenance alerts.